Downtown San Diego Condo Information, Reviews and News

Selection of condos available for sale in Downtown San Diego will continue to be tight. As of May 2020 about 3% of the total condo market is up for sale (roughly 295 for sale out of 10,850 total condos). One new high rise condo was completed in 2019 (Savina), the second newest tower (Pacific Gate) was complete in 2018 and the 3rd newest building was completed in 2009.  No new condos are under construction and the next new condo building will be completed some time after 2022, as it has not started yet. 

For sale inventory will remain tight as buyers run out of brand new condos to buy (Savina is 75% sold) and current downtown owners have already resold their current condos to move into the two newer buildings.  The commercial development of the western waterfront will make the condos in the Columbia neighborhood more desirable.  The California Association of Realtors is projecting the median price in the State to increase 2.5% in 2020, following a 4.1% increase in 2019 (they foretasted only a 3.1% gain).  So much slower appreciation rates coming they say, usually if GDP is growing, prices are increasing.

So far in the sales data through the April do not show any movement in prices or in the level of for sale inventory any different than before the Coronavirus and economic shutdown occurred. The average sold had a nice gain in the first quarter over year end 2019 and over the first quarter of 2019.  The stay at home orders will definitely slow down the number of sales in the 2nd quarter and could put downward pressure on prices, stay tuned for updates as the year progresses.  Click here to see my price history chart.

Downtown average prices were in 2019 were down 2.4% when looking just at resales through the MLS.  One thing the MLS does not report is new condo sales, between Savina and Pacific Gate which was about 20% of the sales downtown last year.  If you add those two buildings new sales in the average price spikes up dramatically because their prices are higher than most resales.  One thing is for sure, no more new inventory getting added after this year for several years and that alone will put upward pressure on prices.  See my blog about the 4,000 jobs that may be headed to downtown and the impact it might have on prices of downtown condos.

Mortgage rates are at historic lows and the nations economy (GDP) and stock market are also trending up although erratically. 

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